NNPC issues fresh update on petrol price

The Nigerian National Petroleum Corporation (NNPC) has said the official price of a litre of Premium Motor Spirit (PMS) popularly known as petrol will remain N162 in July.

The Group Managing Director of NNPC, Malam Mele Kyari, made this known while speaking on Channels TV’s Sun Rise programme on Tuesday.

Kyari stated that engagements were still ongoing with the Organised Labour on the appropriate price of petrol, noting that Nigerians would continue to buy petrol at N162 per litre until the conclusion of engagement with labour unions.

The NNPC boss added that though the pump price of petrol should be N256 per litre based on the current crude oil price, the Federal Government, through the NNPC, had decided to continue paying the differential until an appropriate price is agreed upon by the government and Labour.

Kyari further noted that President Muhammadu Buhari had told the NNPC to do everything legally possible not to make petrol prices out of reach of Nigerians.

The NNPC GMD further stated that it was not true that the corporation was now remitting zero naira to the federation account because of the under-recovery payment.

While speaking on the equity acquisition in Dangote Refinery, Kyari disclosed that the corporation is buying 20% equity in Dangote refinery for energy and physical security of the country, adding that the refinery, which will start production in 2021, shouldn’t be left in the hands of the company alone to ensure the stability of the market.

Kyari, therefore, revealed that the rehabilitation of Warri and Kaduna refineries would be awarded in July, noting that the move was part of efforts to ensure that their rehabilitation goes on at the same time as the already awarded Port Harcourt Refinery.

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